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S&P Revises Outlook on Freedom Holding Corp. and Core Subsidiaries to Positive

FRHC
  • S&P Global Ratings revised the outlook on Freedom Holding Corp. & its four core operating subsidiaries from "stable" to "positive" while affirming their international credit ratings.
  • National-scale ratings for Freedom Finance JSC (Freedom Broker) & Freedom Bank Kazakhstan JSC were raised from "kzA-" to "kzA".
  • Timur Turlov, CEO, stated the positive outlook reflects strategic progress in building a global institutional ecosystem, strengthening governance, & improving business efficiency.
  • S&P noted Freedom Finance is Kazakhstan's largest retail brokerage franchise with growing European presence, banking, & insurance operations in Kazakhstan.
  • The agency expects moderate balance-sheet growth, diversified earnings, & continued development of group-wide risk management & compliance functions.
  • The positive outlook indicates potential rating upgrades within 12 months if Kazakhstan's economic risks improve further.
  • This revision follows S&P's August 21 upgrade of Kazakhstan's sovereign credit ratings to "BBB/A-2" from "BBB-/A-3" with a stable outlook.
  • Freedom Holding Corp. operates in 24 countries, trades on NASDAQ, KASE, & AIX under ticker FRHC, & is regulated by the U.S. SEC.